Michael McFadden, President, Mac Marine Inc. (for the Feinstein Group of Companies)

1. PRESENTED BY MIKE MCFADDEN, MAC MARITIME, INC. September 4, 2013.
“The Cruise Industry – a Global
and Regional Perspective”

2. Global Cruise Perspective
Caribbean Regional Perspective
Focus on Belize
Cruise Line Perspective
Strategy
Conclusion

3. BREA
www.breanet.com
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 09 10 11
Passengers('000)
Asia Europe North America

4. BREA
www.breanet.com
North America is the principal source market for the global cruise
industry. However its share is steadily declining as the European
steadily expands. The Rest of the World, principally Asia and
South America, are emerging rapidly.
Region 1995 2000 2005 2006 2007 2008 2009 2010 2011
Million passengers
N. America 4.35 6.88 9.96 10.38 10.45 10.29 10.40 11.41 11.52
Europe 1.00 2.07 3.19 3.48 4.05 4.46 5.00 5.54 6.18
Sub-total 5.35 8.95 13.15 13.86 14.50 14.75 15.40 16.95 17.70
RoW 0.37 0.78 1.21 1.29 1.37 1.45 2.18 2.25 2.91
Total 5.72 9.73 14.36 15.15 15.87 16.20 17.58 19.20 20.61
% N America 76.0% 70.7% 69.4% 68.5% 65.8% 63.5% 59.2% 59.4% 55.9%
• Including Russia and Eastern European countries outside the EU-25 and EEA.

5. BREA
www.breanet.com
RCCL, 24%
NCL, 7%
MSC, 7%
Carnival
Corp, 48%
Others, 14%

6. While the growth of bed-day capacity in the Caribbean has
lagged behind Europe since 2005, it still exceeded the growth
in other North American markets.
The Caribbean also remains the largest destination market.
Regions 2000 Share 2005 Share 2011 Share
Avg. Ann . Growth
2005-2011
Cariibean 21,510,142 39.9% 21,450,239 27.8% 36,293,418 33.7% 9.2%
Bahamas 3,200,346 5.9% 4,397,472 5.7% 6,510,300 6.0% 6.8%
Canada/New England 1,107,689 2.1% 1,174,160 1.5% 1,918,103 1.8% 8.5%
Bermuda 988,391 1.8% 1,329,274 1.7% 1,914,886 1.8% 6.3%
Alaska 4,197,332 7.8% 6,417,134 8.3% 6,652,200 6.2% 0.6%
Hawaii 857,930 1.6% 2,907,444 3.8% 2,193,986 2.0% -4.6%
Mexico West 2,680,934 5.0% 5,759,636 7.5% 3,514,152 3.3% -7.9%
Europe 10,021,757 18.6% 15,256,353 19.8% 30,467,166 28.3% 12.2%
All Other 9,298,296 17.3% 18,539,244 24.0% 18,166,167 16.9% 6.3%
Total 53,862,817 77,230,956 107,630,378 5.7%
Source: CLIA

7. Constrained by ships (supply),
not passengers (demand)
High levels of repeat clientele
demand different experiences
Major deployment factors are:
 PASSENGER DEMAND
 YIELDS
Opportunities for ports
are increasing worldwide
 SATURATION OF TRADITIONAL PORTS AND
REGIONS
Controlled by a handful of US based
profitable operators…but it is no longer
a US passenger industry
Weather
 LINES ARE EXTENDING INTO WINTER SAILINGS
Generally recession resistant by
 CONTROLLING AND REDUCING COSTS
 SHIFTING CAPACITY BETWEEN LONGER AND
SHORTER CRUISES
 HAVE ROOM TO OFFER DISCOUNTING AND STAY
PROFITABLE

8. 2012
AIDA 2,174
CCL 3,690
Celebrity 2,850
Costa 3,012
Disney 2,500
MSC 3,502
Oceania 1,260
7
18,988
AIDA 2,174
Princess 3,600
NCL 4,000
Hapag-Lloyd 516
Ponant 264
2013
5
10,554
TUI 2,500
Princess 3,600
NCL 4,000
Costa 3,700
RCI 4,100
Viking O 950
2014
6
18,850
AIDA 3,250
P&O 3,611
TUI 2,500
AIDA 3,250
HAL 2,600
CCL 4,000
Viking O 950
2015/16
7
20,161

9. 1427
1782
1464
1833
2098
2077 2200
2703 2714
2845
3456
3379
3298
1,000
1,500
2,000
2,500
3,000
3,500
4,000

11. Eastern
6.7 mm
44%
Bahamas
2.0 mm
13%
Southern
3.5 mm
23%
Western
5.0 mm
33%

13. SANTO DOMINGO SAN JUAN
LA ROMANA
BARBADOS
MARTINIQUE
COLON
CARTAGENA
ST. THOMAS USVI
BELIZE

14. 2010 2011
Bahamas 3,809,807 4,161,269
Cozumel 2,971,771 2,871,097
US Virgin Islands 1,597,178 1,887,096
St. Maarten, DWI 1,512,618 1,656,159
Cayman Islands 1,245,461 1,401,495
Puerto Rico 1,185,780 972,000
Jamaica 908,822 971,920
Belize 764,628 724,544
Barbados 745,175 619,054
Antigua/Barbuda 557,030 606,485
Aruba 570,405 599,973
Cartagena 401,008 493,802

15. $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00
All Destinations
Western Caribbean
Southern Caribbean
Eastern Caribbean

16. $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 $160.00 $180.00 $200.00
St. Maarten
U.S.V.I.
Puerto Rico
St. Kitts
Eastern Caribbean
All Destinations
Dominican Republic
British Virgin Islands
Antigua
Bahamas
Turks & Caicos
Dominica

17. $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00
Columbia
All Destinations
Cayman Islands
Western Caribbean
Belize
Costa Rica
Honduras
Nicaragua

18. Per Passenger, $ US Dollars
Bahamas 84
Cozumel 104
US Virgin Islands 198.25
St. Maarten, DWI 147.5
Cayman Islands 95.7
Puerto Rico 100.5
Jamaica 93.00
Belize 87
Barbados 69
Antigua/Barbuda 72
Aruba 87.00
Cartagena 90
Average $102.33

19. 2010 2011 CL
Labadee (Haiti) 482,077 411,687 RCI
Half Moon Cay 400,188 398,309 CARN
Coco Cay 345,654 350,654 RCI
Grand Turk 322,012 344,837 CARN
Roatan (Honduras) 310,252 317,482 CARN & RCI
Princess Cay 278,531 276.581 CARN
Great Stirrup Cay 192,696 207,942 NCL
Castaway Cay 90,377 99,446 DISNEY
Falmouth (Jamaica) N/A 300,000 RCI
Amber Cay, DR Constr Constr CARN

22. Port Costs and Efficiencies
Airlift
Airport/Seaport Connection
Dedicated Terminal Facilities for HP
Security – ISPS
Hotel Capacity – Pre & Post
Geographic Location - Fuel

23. Welcoming to Passengers & Crew
Attractive, Clean & Safe
Cost
Quality & Variety of Shore Excursions
Multi Lingual Guides
Activities for “Independent Passengers”

24. Efficient & Courteous Taxi Service
Water Taxi & Shuttle Service Options
Geographic Proximity to Homeports - Fuel

25. PRESENTED BY MIKE MCFADDEN, MAC MARITIME, INC. February 13th, 2012.